Litecoin (LTC) is generally considered as a peer-to-peer cryptocurrency which is released under the MIT/X11 license. The coin is based on an open source cryptographic protocol. This coin is not managed by any central authority and its technical details are nearly same as Bitcoin (BTC). This coin founded by Charlie Lee, ranked 5th in Coinmarketcap.com (as of 2nd April 2018) with Market Cap $6,626,589,535, trading price $118.55 and Volume (24h) $300,155,000.
The coin is one of the top 90 cryptocurrencies on Coinmarketcap.com and it has been greatly affected by the bearish trend of the last two weeks on the cryptocurrency market. According to the market experts, Litecoin (LTC) shows little signs of possibilities to recover before Mid-April. The reason behind this entire downtrend can be traced as a general market sentiment. According to this, LTC or Litecoin may face some issues at this moment. Litecoin or LTC/USD has seen the downfall of -28.56% over the last 7 day trading period, and thus, it has settled below the $120 mark. If it does not get huge support, then, there is a possibility that it will break at sub-$100.
It is true that Litecoin is in a downtrend and the LitePay project helps in pulling up Lee’s dream for Litecoin. The coin that is looking for a new phase, currently facing a downfall and the collapse of the LitePay initiative has further worsened the matter. There was much discussion on the Litecoin camp on how to slip into the transactional market. The adoption of the LitePay strategy has been seen as a road to recovery. Its association with Amazon and Starbucks is also considered to be another huge possibility for the Litecoin.
The Outcome of the Bearish Trends
However, you must remember the fact that the coin that is ranked 5th on the Coinmarketcap.com, has seen some downfall, because of its competition with some of the projects. If it becomes failure to slip into the mainstream use then, the risk of the downfall further increases. The Abra wallet app also plays a vital role in recovering the possibilities of the Litecoin. Weeks before the bearish trend appear in the market the Litecoin or LTC has faced a bullish upsurge. In the mid-week of March, the coin was trading in $160-$169 range showing possibilities for upsurge. However, now the pressure turns into the negative results following the collapse of the LitePay. This further suppresses the spirit of the Litecoin. The coin has been lost almost half of its value in March. According to the Coinmarketcap.com, the value of LTC against the US dollar was $214, as of March 01, 2018. This value shows the downfall with its downgrade value by hitting as low as $110 on March 30, 2018.
What are Future Possibilities of the Litecoin for Bouncing Back?
It is true that the total market outlook is still bearish, but the only hope is that it has been made some recovery. The Litecoin/USD pair has seen the downfall of 2% that is below the $120 mark. However, the only ray of hope is that the coin hits up a high value of $124, on March 30, 2018, although it ends up with a closing value of $118.60.
Nevertheless, what can be said is that the Litecoin and the other top cryptocurrency coins are expecting a definite comeback. The outlook of the cryptocurrency market including the Litecoin may reach some higher value towards mid-April. Following the US Tax Day on April 17, 2018, there is an expectation of increased activity in the market as the investors wanted to readily file for 2017 tax returns.
The situation of the Litecoin is said to be a blessing in disguise. Because of the fast transactions and cheap fees, many dark websites are planning to use Litecoin instead of the Bitcoin or Monero. Some cryptocurrency experts believe the fact that Litecoin may follow the trend of the Bitcoin’s performance. According to the recent research, the Litecoin are drawing the attention of the many dark web users, which in turn open up the possible avenues for Litecoins.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Lebatihem via Flickr
Reasons Why 2019 May Be A Great Year For Crypto
The new year was always considered to be a time of new beginnings, where people can reflect on the past and learn from their mistakes in order to be better in the future. The same is true for the world of crypto, and investors around the world are hoping for 2019 to be better, more profitable, and to have more success than 2018.
The hope for the future is even more important when we consider all the negative development in 2018. There were numerous high-profile hacking attacks, two market crashes, with a strong bear market in between. Not to mention that some of the biggest projects that may have brightened the year a bit ended up being delayed.
With that in mind, it is understandable why investors are looking forward to the new year and all the potential development that it may bring. In fact, there are several reasons why they should be excited about 2019.
1) Bearish market to loosen its grip
The first reason why 2019 can be a good year digital currencies is that it may finally break free of the bearish grip that has been felt ever since last January. Following the first market crash, the bears settled in, and the prices kept falling for an entire year. The market attempted to shake off the negativity on several occasions, with the biggest one being…
3 Coins with the Largest Potential in 2019
2018 has been a pretty bad year for digital coins, and after the initial market crash that occurred a year ago, everyone was expecting a bull run that will fix things. Obviously, it never arrived, and instead of that, all that crypto market experienced was an entire bearish year and another crash in mid-November.
Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.
Of course, Bitcoin comes first. This is the first cryptocurrency which is still dominating the market, with no other coin being even close to its market cap or price. BTC is the coin that has reached the most prominent heights, and it also lost the most in the previous year. However, there is still hope, as there are several projects and events scheduled for this year that might turn things around for the number one coin.
One thing that is expected is the approval of Bitcoin ETFs…
Do or Die: 3 Crypto Projects that Really Need to Deliver Soon
Crypto projects have gone through several crucial periods of development, and while it is fascinating to watch their progress to maturity, a lot of investors are becoming impatient. During the first few years, they were barely known, only talked about in specific groups, among those developers and investors who had the luck to find out about them in the early days.
The next several years, altcoins started appearing, and the voice of cryptocurrency slowly started to spread. Then, there was a period of hype, when crypto exploded, and the entire world finally learned about this new technology that promised to change the world. Naturally, the overhype led to a market crash and price correction that we experienced last year, but the impact was made, and the world is still talking about them on a daily basis.
However, now is the time for cryptos to deliver on their promise, grow up, and start showing results. There are high expectations for many projects, but for various reasons, they have yet to deliver, and many are hoping that 2019 will be the year when they finally do it. Let’s see which 3 crypto projects really need to show results, and soon.
1) Ethereum (ETH)
Are you surprised to see Ethereum at the first spot? The project has been a top cryptocurrency for years, why would it be in danger now?…
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